Predictive Analytics To Improve Customer Experience And Supply Chain Management

Predictive Analytics To Improve Customer Experience And Supply Chain Management

Lifetime Value (LTV) is a metric that helps companies understand the profitability of their customers. It’s calculated by dividing the sum of revenue generated by a customer over their lifetime by the cost to acquire them. In this article, you can find what LTV is, how you calculate it, and how AI can help you find new ways to find predicted lifetime value.

What Is Customer Lifetime Value?

A company’s customer lifetime value (CLV) measures how much it can expect to earn from a customer throughout its relationship. It’s calculated by multiplying the average value of each transaction by the number of times the consumer makes purchases.

The CLV is one of the most important metrics for businesses because it allows them to determine how much money they can expect to make from each customer. Companies can use this information to decide which customers are worth keeping, which ones aren’t, and how much they should spend on acquiring new customers.

Overview Of Customer Lifetime Value

CLV is the total revenue a consumer may create during their lifetime. Understanding what makes each client worth investing in and how much it takes to get them helps you decide whether to extend an offer or invest in existing customers.

The longer you know a customer, the more data you have about them, which means you’ll be able to calculate their CLV more accurately—and get an idea of how valuable they might be in the future! To measure this accurately, though, people need some way of figuring out precisely what each person is worth at any given time:

Improves Customer Experience And Supply Chain Management

Predictive analytics can be used to improve customer service and supply chain management in a variety of ways.

One standard method is to use predictive analytics to predict the lifetime value of a customer, which can then determine how much investment should be put into a particular customer. This can help companies decide how much money they should spend on marketing, for example, or how much time they should invest in developing new products.

This information can also be used for supply chain management by making predictions about what customers want and need so that companies can decide which products to develop and how much inventory they will need.

What To Include When Calculating CLV?

To get an accurate picture of the value of a customer over their lifetime, you need to factor in the items on the following list:

  • Average order value
  • The average number of orders
  • The average number of repeat purchases
  • The average number of new customers acquired by channel (i.e., digital media vs. physical stores) and any differences between them
  • Advertising, sales teams, and more are included in each channel’s client acquisition cost. Seasonal patterns may cause these expenditures to change over time; therefore, consider this when estimating your CLV. Have refund and return charges (if applicable).

How To Use AI For Understanding And Calculating CLV?

  • Identify the right customers
  • Understand how long they stay
  • Understand what drives customer retention
  • Calculate predicted lifetime value based on your business model and KPIs

Conclusion

Predictive analytics helps firms predict future events. Most firms manage KPIs using historical data, and this information is needed for client communication and future planning.  Predictive data can also foretell economic changes. Lifetime value is the revenue a customer brings in over their lifetime with your company. It’s a key metric because it helps you determine whether or not a customer will be worth investing in.

Top 5 marketplace development solutions for your business

Top 5 marketplace development solutions for your business

The e-commerce sector has seen an unbelievable boom over the last few years. Cooped up at home, customers had no other way of shopping other than online purchasing. According to Statista, over 2 billion people purchased goods or services online in 2020 accounting for over $4.2 trillion of e-retail sales worldwide. While the boom has subsided, e-commerce is still projected to make over $23 of total retail sales by 2025.

So it’s no wonder that business owners are looking to expand their reach to online marketplaces. In this post, you’ll discover the most popular marketplace development solutions in 2022. We’ll also see whether it’s worth developing a custom marketplace.

Out-of-the-box vs custom marketplace development solution

Today, marketplace development options are manifold, ranging from bespoke products to canned solutions. Custom-built platforms are unrivaled in terms of business fit, feature saturation, customization, and scalability. However, building a marketplace from scratch also translates into additional development effort and significant upfront investment.

Out-of-the-box platforms allow you to get off the ground quickly, easily, and for a fixed price. Ready-made patterns, templates, and drag-and-drop interfaces accelerate the development process and eliminate the need for programming expertise. On the other hand, vendor lock-in, generic designs, and limited functionality may adversely impact customers’ experience and put a limit on the growth of your business.

Therefore, custom marketplace development is more suitable for established or large-scale businesses. If you’re a self-starter with a fledgling e-commerce shop, ready-made marketplaces can back up your initiatives at an affordable price.

Five platforms for marketplace development

The following marketplace development solutions will help you take your store online in a few clicks. Keep in mind that these aren’t custom options and they still have limitations.

Sharetribe

An online marketplace constructor, Sharetribe is a one-stop shop for all kinds of online businesses. The platform has integrated payment gateways and works with over 20 currencies in more than 190 countries. Powerful admin features, care-free infrastructure, and compliant data processing assist businesses in developing a feature-rich and secure online shop. 

Pricing options vary, starting from $79 per month to $299 per month. Overall, Sharetribe is a viable marketplace development solution with straightforward flows and a guided launching process.

CS Cart Multi-Vendor

As the name implies, this marketplace development solution is geared towards multi-vendor platforms. The site constructor offers pre-made features for admin and vendor profile management along with order management, shipment tracking, and other go-to features.

The CS Cart Multi-Vendor allocates an individual backend panel and a digital forefront to every seller. With a powerful CMS, a fully customizable forefront, detailed reporting, and a mobile app, this constructor is a one-stop shop for multi-vendor marketplace development.

CS Cart’s demo is available for free, while a full version starts from $699 per year.

Near Me

A highly configurable builder, Near Me allows business owners to set up a fully customizable digital marketplace on par with the industry leaders. Near Me helps create a user-friendly marketplace with a plethora of e-commerce tools, including advanced reporting, powerful dashboards, account management, and others. Just like other solutions, Near Me supports multiple languages, allowing you to expand your market reach. 

The solution also allows for easy marketplace maintenance thanks to a myriad of management tools. Custom domain, payment gateways, and mobile optimization are among the flagship offerings of Near Me. The pricing starts at $500 to $1000 per month.

Tackle Cloud Marketplace platform

This universal platform helps business owners leverage the power of cloud computing for e-commerce. Thus, the platform allows retailers to generate revenue from AWS Marketplace, Azure Marketplace, and other cloud providers. Following a zero-engineering approach, the Tackle platform helps business owners list, market, and sell items quickly and with no management headaches. 

The pricing varies greatly based on the cloud provider. On average, it will cost you around $25K for a 12-month annual contract.

Marketplacer

Last but not least, Marketplacer offers an adaptable architecture that lets you shape any kind of e-commerce business. The main differentiator of Marketplacer is its ability to connect with your existing e-commerce infrastructure via pre-built connectors. Sellers can retain the existing interface and complement it with enhanced commerce architecture. The platform also provides automated inventory sync through its scalable connector.

Pricing is determined based on your business needs and is calculated individually for each seller.

The Final Word

Out-of-the-box e-commerce tools are indispensable to fledgling businesses thanks to the easy set-up and automated management. However, vendor lock-in and limited customization hold back business growth and limit business continuity. Custom marketplace development, on the contrary, addresses every unique need with rich features and innovative technologies. Therefore, long-term e-commerce initiatives click with custom development, while short-run seller needs can be addressed with canned builders.

What Is Freight Forwarding? Definition, Benefits, and Key Stages.

What Is Freight Forwarding? Definition, Benefits, and Key Stages.

What is freight forwarding?

Freight forwarding is a business process that moves cargo from one point to another by arranging for a carrier to transport the cargo. In most cases, freight forwarding services are used to move goods between different parts of the world.

Benefits of using freight forwarding services include quicker delivery times, improved security, and reduced costs.

The key stages in What is freight forwarderforwarding is identifying the requirements of the cargo, assessing the available carriers, and arranging for transportation. Freight forwarding can be divided into two main categories: express and international shipping. Express shipping is used for quick and urgent shipments, while international shipping is used for bulkier items that require more time to reach their destination.

There are a number of benefits to using freight forwarding services, including:

  • Quicker delivery times: Using freight forwarding services allows cargo to be transported quickly and efficiently, which can improve the delivery time.
  • Improved security: Freight forwarding services can help improve security by ensuring that the cargo is transported safely and without any damage.
  • Reduced costs: Freight forwarding can help reduce costs by providing an intermediary between the buyer and seller. This means that shipping costs are usually lower than if the goods were transported directly between the

The key stages of freight forwarding

Freight forwarding is a business model that allows freight to be transported between different locations. This can be done through the use of carriers (freight forwarders) and logistics providers who work together to get the cargo from point A to point B as quickly and cost-effectively as possible.

The Benefits of Freight Forwarding

Freight forwarding is a service that allows businesses to receive goods from one location and forward them to another without having to store or handle the goods. This saves businesses time and money because they do not have to find a storage facility, arrange for transportation, or deal with the logistics of shipping. There are several benefits to using freight forwarding, including:

  • Reduced storage costs: Freight forwarding allows businesses to reduce the amount of space they need to store products by storing the products for someone else.
  • Easier and faster shipment: Freight forwarding can speed up the shipping process by taking care of all the logistics.
  • Improved customer service: Freight forwarding can provide customer service experts who can help with everything from ordering products to receiving shipments.
  • Reduced environmental impact: By shipping products instead of storing them, freight forwarding can reduce the amount of waste produced.

How to Start Using Freight Forwarding

Freight forwarding is a business process that allows companies to move freight from one point to another. It can be used for a variety of reasons, such as moving cargo from a distribution center to a customer’s location, or vice versa.

Benefits of using freight forwarding include increased efficiency and cost savings. The key stages of the freight forwarding process are assessment, identification, scheduling, and transport. Assessment involves assessing the needs of the client and determining what freight forwarding services are necessary. Identification involves identifying the freight and determining its destination. Scheduling involves arranging for the transport of the freight. Transport involves moving the freight to its final destination.

The Key Stages of Freight Forwarding

Freight forwarding is the process of transporting goods from one location to another, usually without the goods actually being in the same place at the same time. This can be done through a variety of methods, including trucking, air freight, and marine cargo.

The benefits of freight forwarding include reducing costs and delays, as well as improving efficiency and security. The key stages of freight forwarding are identification, assessment, booking, dispatch, receipt and transport.

The Four Key Stages of Freight Forwarding

 What is freight forwarder?  And forwarding is the process of moving goods between two points by arranging for the transportation and warehousing of the goods. The key stages of freight forwarding are procurement, transportation, delivery, and billing/collection.

The benefits of freight forwarding include faster delivery times and reduced costs. The key stages of freight forwarding are as follows:

1. Procurement – This stage involves identifying the goods to be forwarded and selecting a forwarder.

2. Transportation – This stage involves arranging for the transportation of the goods.

3. Delivery – This stage involves delivering the goods to their destination.

4. Billing/Collection – This stage involves collecting payment from the customer(s).

Conclusion

Freight forwarding is a very important part of the business. It allows you to move your goods without having them in your possession, which can save you time and money. Freight forwarding also enables you to reach new markets and sell products that you might not be able to sell if they were located in your own country. Here are the benefits of freight forwarding:

How To Choose the Right High Volume Merchant Account For Your Business?

How To Choose the Right High Volume Merchant Account For Your Business?

Building a perfect checkout platform is significant for commerce as people live a digital lifestyle and emphasize online sales instead of offline. E-commerce businesses must take care of it before providing customer payment gateways. The auspicious condition is no longer gone when consumers irritate on clumsy and buffering checkout processes. Bridging this gap merchant service providers bring in.

The providers offer high volume merchant accounts for businesses that indulge in purchases. They allow companies to accept debit or credit card buyouts in-person and online. The task gets complicated when shortlisting an appropriate merchant service provider from a bulky list. One who fulfills every specification of particular commerce without charging too much high to pay. Following are the tips for landing on the relevant provider to get a high-volume merchant account.

Do Not Forget To Checkout Customer Reviews

The world is passing with the revolution of the internet. Everybody knows how to make the most from it by googling about what they wish to be aware of. Make positive use of such technology for thoroughly gaining insight about any merchant service account provider and how they treat their customers.

Examine its portfolios, works, projects, and earlier clients. Read all reviews or feedback of its services by their previous consumers. Furthermore, check out their social media handles and how deep is its brand image in a global or local market. Analyze the percentage of positive reviews. If the data is more than 75%, consideration would be fruitful.

Always Compare Fees Of Different Alternatives

The market is full of providers who render respective high-volume merchant accounts. The selection strategy for the best one from out there is time-consuming. Please do not go in a hurry, as one’s journey will end with fatal consequences like losing client retention or brand reputation and money. Heed attention to every point of view to find the exact match for one’s business.

Sometimes owners trap in price disparity. If the merchant service supplier serves on a low charge, they finalize it without deep thinking. That results in them falling into a ditch. If it provides too low a service cost to be accurate, the circumstances may not be well for one’s business.

It may be possible for major or reputed companies that the upfront fees, such as 1.5% to 2%, would be the same or minor difference. If not generally, there should be two conditions that will happen if one finds a genuine provider for one’s company as

If they demand businesses to pay high upfront fees, including application fees, setup fees, and equipment fees, they cost low per-transaction prices.

Vice versa, if they want businesses to give them low upfront fees, the chances of high per-transaction costs.

So look for every situation back and forth, deep and swallow understanding to rocket on trusted providers for payment associated work.

Never Neglect About Hidden Charges

There might be some events occurring to build high-volume merchant accounts that are not undesirable. If the customers do not deal with any merchant service provider beforehand, they attempt to benefit from the circumstances. Ignorance of consumers may bring cost-heavy bills to their bank balance.

On top of per-transaction fees, the supplier adds other scores of serving costs, consisting of cancellation dues, customer support dues, and minimum or maximum monthly dues on the head of its clients.

The service partner plays a trick while giving an agreement paper to its customers by not mentioning these secret charges. It proactively dictates transaction fees, but these. Evidently, it has become prey to its foul play.

Therefore, it is necessary for all consumers to read the documents subtly and ask their servicing partners beforehand for the signing of the contract.

Test The Customer Service Beforehand

A merchant service provider is a leading actor in the relationships with customers. It bridges the space between the problems and solutions by offering excellent technical support when glitches occur. It can be breathtakingly hazardous for the clients if they do not get aid during issues.

Therefore one should be assured from one’s side about the provider’s service. For this, one can call the service partner during peak business hours to get a report of its feedback or reply. It will be suitable for the long run if it picks a call or connects with a professional team in absolute time. Otherwise, leave it and determine another one for one’s high-volume merchant accounts.

Key Takeaways

Several merchant service providers are available in the local or international region that help owners to gethigh-volume merchant accounts for their business. However, it does not take a walk as told; the task needs tedious work to shortlist the best one from the list of hundred service partners.

They must consider several sectors to get the account that suits their expectations by keeping salient points about researching the suppliers. It includes checking reviews or feedback, keeping an eye on customer support services, the brand image in the market, and going through the agreement deeply.

10 Most Expensive Items in Roblox

Most Expensive Item in Roblox: Avatar accessories like clothing, faces, and emotes may be purchased through the Roblox Catalog, however many users are perplexed by the catalog’s most expensive item. Many items can be purchased for less than 100 Robux, however, there are some that are only for those who enjoy wasting their time. Roblox’s costs for items generated by its users may come as a shock to you. Fanatics are obsessive about the details of their avatars. Being one of the select few Roblox users that own expensive catalog items is well worth the investment. You can use Robux in a variety of ways. On Roblox, it’s possible to explore the digital world by purchasing virtual goods. Let’s take a peek at Roblox’s most costly item.

Roblox can now be downloaded for free. You may do a lot on the platform without spending any money, but doing so unlocks even more features. Real money is more valuable than the game’s in-game currency, Robux. Let’s take a peek at Roblox’s most costly item.

1. Violet Valkyrie

As the costliest hat in Roblox’s catalog, the Violet Valkyrie has a stunning purple hue. High-priced options are available. A total of 50,000 Robux, or $625 USD, must be paid for this item to be acquired. People who can afford the most expensive paid-access games are the ones who frequently buy this.

With its bright purple hue and medieval design, this item is certainly eye-catching, but most people won’t be lining up to buy it right away. Until 2019, it was the most expensive item that could be purchased, however, it was brought back in 2019.

2: The ROBLOX Tablet of enyahs7

By far, the most expensive item on the platform is the ROBLOX Tablet sold by enyahs7 for 1,000,000 Robux. Roblox included a one-of-a-kind, historic item in its promotion before to the iPad release.

However, despite being the most expensive, this was not the final iPad promotional tablet to be released. Ninjabart122’s (#20) tablet has the distinction of being the only one that costs one Robux, defying the general trend of rising prices. enyahs7’s iPad was supposedly resold for around 100,000 Robux after the iPad promotion, despite its initial sale price of 1 million Robux.

3: The Meanie

The Meanie’s face is the most expensive Roblox item on this list, yet it’s still out of reach for the majority of players. Over 62,000 people have liked this product in the Catalog despite the fact that it costs 5,000 Robux, which is $62.50.

A solitary tooth jutting from your mouth is all you need to look like a caveman if that’s your thing. However, if that isn’t an option for you, there are other superior options available for customizing your character’s appearance.

4. Summer Valk is the fourth character.

To get a Summer Valk, you’ll need to shell out 25,000 Robux, which is about $312.50 in real-world money. If you can, get some extra Robux. The Summer Collection includes the Summer Valk. Despite the exorbitant price, some consumers have already purchased the function, which was only added in 2019.

There is a temptation to buy it, but before you do, think about what other, maybe more helpful purchases you could make with your Robux.

5. Extreme Headphones

The spikes on the outside of the headphones and the chain that hangs from the character’s head when wearing the Extreme Headphones give them a punk rock vibe. It’s great for heavy metal fans, but it’s not good for your bank account at all.

That this item costs 7,500 Robux, which is comparable to $93.75 in real-world dollars, surprises many players. Check out other players’ versions if you’re a fan of the design but don’t like the price.

6. the Federation’s supreme ruler

In March of 2012, this product was removed from the market. The announcement was made by Roblox itself, and the update was handed out to the avatar shop with a price tag of 250,000 Robux attached to the announcement.

The Federation series includes this item. This is mostly a collection of very costly hats with an intergalactic motif. Most of the characters in this series have titles like Lord or Viscount in their names (yes, Viscount of the Federation is part of the same series). With a price tag of over $3,000, the Lord of the Federation is now Roblox’s most expensive item.

7: The Crown of the Holy Roman Empire

A long time ago, King Coal was rightfully entitled to the throne since he was an old man. However, he appears to have had it taken from him by someone else. Purchase this item for 7,000 Robux ($87.50 USD) from Roblox, and you could be that lucky player.

Because of its high price, you might not buy it, even if it will make you the King or Queen you were born to be.

8: The Sparkle Time Bandana

The Sparkle Time Bandana comes in three different shades of red, green, and blue. However, each one costs a whopping 8,000 Robux, which works out to almost $100.

This sum of money may seem insignificant to some. However, there are many who find it absurd to spend so much money on a neckpiece that represents their persona. The fact that it has a wacky color palette. As a result of its particular attractiveness, some people choose to spend so much money on it.

9. Tentacles the Ninth

Known as Mr. Tentacles after the character, the yellow-squid-like headgear has appeared in the catalog since 2009. Over the years, it has gone on sale numerous times, but the current price of 9,090 Robux, or $113.63, is the same.

Even though over 21,000 players have designated this item as a favorite, it’s safe to infer that many players have purchased this item over the years. While playing some of the most difficult shooting games, it’s probably not a good idea to wear it.

10. The Federation’s Viscount

It’s not easy to rise to the rank of Viscount of the Federation. Even if you have enough Robux to buy a copy, it’s a limited edition. Because it’s so expensive, you’re unlikely to try to resell it. The initial asking price was a jaw-dropping $40,000.00. It’s impossible to predict how much a copy might get now if it were put up for sale.

There was a time when Viscount of the Federation wasn’t limited to a few thousand copies. I got my hat on the day it came out! If you were affluent and quick enough, you could get in on the sale before it ended. Before the timer ran out, you could get one. The item got scarce after the allotted period of time had gone.

Viscount of the Federation is the costliest item on Roblox and is around $500 in real-world currency. That’s a lot of money!

Basic SEO: Top Beginner Tips That Every Blogger Needs To Know

Basic SEO: Top Beginner Tips That Every Blogger Needs To Know

SEO (search engine optimization) is the process of improving the visibility of a website or web page in search results pages produced by Google, Yahoo! and other major search engines. It’s no secret that SEO is one of the most important factors in whether your website can be found by potential customers online. But even if you’re clueless about SEO, you can still improve your website’s visibility through some basic tips. In this article, we’ll provide you with the basics of SEO so that you can start optimizing your blog for better visibility.

What is SEO?

SEO is short form for “Search Engine Optimization.” It is a process of improving the visibility and ranking of a website on search engines. SEO can help increase traffic to a website, and may also lead to higher sales.

There are many different methods for optimizing a website for SEO. The most important thing is to focus on creating content that is both interesting and useful to potential visitors. This means writing about topics that are relevant to your audience, and publishing content regularly.

Here are some basic tips for optimizing your blog for SEO:

1. Make sure your blog’s title is keyword rich. Try to include at least 1-2 keywords in your blog’s title, and make sure you use them in all of your blog’s titles, images, and other text content. Google will index these keywords and display them in search results when people search for related terms.

2. Write compelling articles that are optimized for search engine ranking. In order to rank well in search engine results pages (SERPs), your articles must be well written, complete, and provide valuable information that users would want to find.

What are the different types of SEO?

There are a few different types of SEO that bloggers need to be aware of if they want their blog to rank well in search engines. These include on-page optimization, link building, and social media optimization.

On-page optimization is the process of making your blog content readable and user-friendly for search engine spiders. This includes using keywords throughout your content, adding tags and links to relevant articles, and creating a layout that is easy on the eyes.

Link building is the process of acquiring links from other websites. It’s important to remember that links aren’t the only thing that determines a website’s ranking; quality content also plays a big role. However, good link building can help your blog rise up the rankings faster.

Social media optimization is the process of using social media platforms like Twitter and Facebook to promote your blog and get people talking about it. This can help you attract new readers and boost your website’s SEO ranking. Visit Digital kings for more effective SEO tips.

How can you improve your blog’s SEO?

There is no one answer to this question, as the best way to optimize your blog for SEO will vary depending on your site’s features and content. However, there are some basic tips that every blogger should know in order to improve their blog’s ranking and traffic.

1. Make sure your blog’s title is keyword rich

Your title is one of the most important factors in determining your blog’s ranking and traffic. Make sure that your title is keyword rich, and include at least 2-3 relevant keywords. This will help you rank higher in search engine results pages (SERPs) and attract more visitors.

2.Optimize your blog for Google search

Google is the world’s most popular search engine, and it accounts for over two thirds of all online traffic. Therefore, it is essential that your blog be optimized for Google search. Include appropriate keywords in your blog’s content, including in the titles of articles and guest posting services, as well as in the text of each article. Also make sure to include relevant keywords in the tags used to categorize your content.

Conclusion

As a blogger, one of your most important goals is to get your content seen by as many people as possible. This means optimizing your content for search engines and increasing the chances that people will stumble upon it when they’re looking for information on a certain topic. In this article, we are going to give you the basics of SEO so that you can start improving the visibility of your blog posts right away. Whether you are just starting out or have been blogging for some time, these tips will be valuable to you. We hope that this article has given you some insights into how SEO works and opened up new opportunities for you to grow your blog audience.